Federal Student Aid (FSA) FAQ
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We’re here to help you understand your student loans and grants
To provide as much information as possible about FSA, we’ve compiled answers to a range of questions we hear frequently. For answers to specific questions, please don’t hesitate to contact Financial Services.
Looking for the 2024-25 FAFSA?
There are some changes for the 2024-2025 aid year.
New FAFSA changes for 2024-25
The FAFSA Simplification Act is a significant revision of the process used to award federal financial aid beginning with the 2024-2025 aid award year. The Free Application for Federal Student Aid (FAFSA) form itself, the way need is assessed, and some procedures that schools employ in distributing aid have all changed.
The 2024-25 FAFSA will be more user friendly with fewer questions. Among the other important changes required by law in the 2024-25 FAFSA:
- The methodology used to determine aid
- The formulas used to determine family size
- Expanded access to Federal Pell Grant, including for students whose school closed while they were enrolled
- A mandate to use data from the IRS, where possible
Visit the Federal Student Aid site for more details about FAFSA changes and how they may affect you.
Now you can lock in your tuition at one price from start to finish of your program. Direct Subsidized Loans are available to undergraduate students who demonstrate financial need as determined by their completed Free Application for Federal Student Aid (FAFSA). The U.S. Department of Education pays the interest while you attend school at least half time, as long as you complete your program on time.
Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. With an unsubsidized loan, you are responsible for paying the interest, which begins accruing at the time the loan is disbursed. If you do not pay the interest as it accrues, the interest will be added to the principal balance.
For more information, please see Federal Student Aid.
Pell Grants are awarded to eligible undergraduate students who have not previously earned a bachelor’s or professional degree. Maximum Pell Grant awards can vary from year to year and may be higher or lower in future award years. In addition to a maximum yearly amount, there is also a limit to the amount of Pell Grant you can receive over your lifetime.
FSA loan eligibility varies by grade level and dependency status.
Grade level is determined by the number of credits applied to your primary program. For new students, grade level is determined by applied transfer credits. For continuing students, grade level is determined by the total number of credits applied to your primary program at the start of the academic year.
Dependency status is determined by a variety of factors. A “yes” answer to any of the dependency questions on the FAFSA will classify you as independent; a “no” answer to all of the dependency questions on the FAFSA will classify you as dependent.
There are aggregate eligibility limits to the amount of FSA loans you may borrow for undergraduate and graduate study as well.
Processing times for awarding FSA can vary from student to student, depending on individual situations and documentation requirements. You can see estimated processing times for your FSA package on the student website by navigating to Financial Plan > Awards & Disbursements.
If you are experiencing difficulty with the FAFSA website, contact the Federal Student Aid Information Center at 800.433.3243. There is also a Live Help button located within the FAFSA application you can use to contact the Information Center live and online.
Award letters are generated after FSA is packaged. It will be presented to you on the student website at the time funds acceptance is required. After that, your letter will be available by navigating to Financial Plan > Awards & Disbursements > Print Loan Confirmation. It will be posted in your Letter Center on the student website, as well.
FSA loan and Pell Grant disbursement dates are based on each student’s individual schedule, successful completion of credit hours, and weeks of instructional time — therefore, the dates can vary greatly from one student to the next. Specific disbursement dates can be found on your student website by navigating to Financial Plan > Awards & Disbursements > Disbursement Status.
Although FSA funds can be rescheduled for a number of reasons, the most common is a change in your schedule. Because eligibility for FSA disbursements depends on successful completion of credits and weeks of instruction, a schedule change may create delays.
Generally, Pell Grant and loan funds are scheduled to disburse around the same time. However, they are two different types of aid, and the disbursements actually come in at different times. Specific disbursement dates can be found on your student website by navigating to Financial Plan > Awards & Disbursements > Disbursement Status.
A debit memo is the transaction you will see processed on your account summary when a credit balance is about to be sent to you or returned to the FSA fund. Your account summary can be accessed on the student website by navigating to *Financial Plan > Billing*.
Elections for receiving a credit balance can be changed anytime by navigating to Financial Plan > Overview > *Manage Cards & Direct Deposit*. If direct deposit was not set-up previously, click Change to Direct Deposit; if direct deposit was set-up previously, click Update Direct Deposit. An election to receive funds by direct deposit must be on file prior to the completion of any refund calculation to ensure funds will be electronically transmitted to your designated bank account.
Credit balances will be processed within 14 calendar days of the date funds are disbursed. Once the credit balance process is completed, direct deposits should appear in your designated account within 3–5 business days, and paper checks should be received within 3–10 business days. Please remember that processing times can vary, and the University cannot be held responsible for delays in mail delivery.
You can view your account summary to see when a debit memo has posted by navigating to Financial Plan > Billing.
The University participates in the National Student Clearinghouse (NSC) program, which electronically provides enrollment status and attendance data to the National Student Loan Database System (NSLDS). The Registrar’s Office reports attendance data on all students once per week. If your servicer participates in the NSC program, you do not need to take any action to put your loans into a deferred status; if not, please contact our Admissions & records Service Center at 800.866.3919 for further assistance.
Once a graduation application is submitted, several financial and academic audits must be completed before the diploma can be released. Typical processing time for these audits is 1–3 weeks.
FSA awards are based on a combination of student eligibility criteria, program of study and grade level. If your cost of tuition and fees for the academic year is greater than your financial aid award, a shortfall of funds will exist. There are many sources of funding for educational purposes. Please see our Financial options page for further information, or contact Financial Services for additional resources.
Schools are only permitted to retain up to $200 of the current academic year’s FSA funds to satisfy prior academic year charges for tuition and fees. Refer to your award letter or contact Financial Services for specific academic year and payment period dates.
Always consult a tax professional with questions about education tax credits.
The 1098-T form will be available to students no later than January 31st of each year for the recently ended tax year. You can consent to electronic delivery of this form or receive a paper form in the mail. Delivery options can be selected by logging in to student website and navigating to Financial Plan > Tax Forms > 1098-T. The 1098-T statement will be available 3–7 days earlier if the electronic delivery option is chosen.
Be advised that the University reports qualified tuition and related expenses by payments received, so not all students will receive a 1098-T. If no payments posted to your student account within the 1098-T reporting year, you may not receive one.
